NEW YORK (TheStreet) -- Cvent (CVT) was falling 5.29% to $39.06 on Friday afternoon after the software services company announced fourth-quarter results and issued guidance that came up short of analysts' expectations.
The company reported a net loss of $0.6 million or two cents a share, down from net income of $1.5 million, or four cents a share, in the same quarter one year earlier. Adjusted net income, excluding items, was $0.3 million, or one cent a share, down year over year from $3.6 million, or 10 cents a share. Revenue spiked 30% year over year to $30.68 million from $23.61 million. Analysts polled by Thomson Reuters expected Cvent to break even per share on revenue of $30.07 million.
For the first quarter of the fiscal year 2014, Cvent expects revenue of $30.6 million to $31 million and a net loss of six cents to five cents a share. Analysts expect the company to break even per share on revenue of $30.46 million. For the full year, Cvent anticipates revenue of $137.8 million to $139.6 million and a net loss of 27 cents to 23 cents a share. Analysts expect the company to earn six cents a share on revenue of $136.82 million.
"We delivered a strong finish to 2013, highlighted by fourth quarter revenue growth of 30% compared to a year ago," said CEO Reggie Aggarwal in the company's statement. "This performance reflects our belief that the marketplace is choosing our solutions to replace manual processes at all stages of the meetings and events lifecycle, serving both meetings and events planners on one side, and hotels and venues on the other. Our continued momentum is driven by the addition of numerous, diverse, new customers to Cvent, as well as by continued strong renewals and upgrade activity with existing customers across our broad portfolio of products."
Must Read: Cvent Announces Fourth Quarter And Full Year 2013 Financial Results
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